Accumulated Profits/losses are transferred to the Capital Accounts of old partners in
Ans – b) Explanation:- Accumulated profits and losses are the part of the past profits and losses. It must be divided to old partners in Old ratio.
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General Reserve at the time of admission of a partner is transferred to
Ans – b) Explanation:- General Reserve is the part of the past profit earned. it belongs to the old partners in old profit sharing ratio. thus General reserve is credited to old partners in the old ratio.
Sacrificing Ratio is
Ans – a) Explanation:- Old Profit sharing Ratio – New Profit Sharing Ratio
New Partner may be admitted to partnership.
Ans – c) The new partner can only be admitted with the consent of all existing partners.
Aan and Shaan were partners sharing profits in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2023 was as under:
Solution:-
On 31st March, 2023 the Balance Sheet of Ram and Shyam who share profits and losses in the ratio of 3 : 2 was as follows:
Solution:-
Leena and Rohit are partners in a firm sharing profits in the ratio of 3 : 2. On 31st March, 2018, their Balance Sheet was as follows:
Solution:-
L, M and N were partners in a firm sharing profits in the ratio of 3 : 2 : 1. Their Balance Sheet on 31st March, 2015 was as follows:
Solution:-
Raman and Rohit were partners in a firm sharing profits and losses in the ratio 0f 2 : 1. On 31st March, 2018, their Balance Sheet was as follows:
Solution:-
The Balance Sheet of X, Y and Z who share profits and losses in the ratio of 3 : 2 : 1, as on 1st April, 2023 is as follows:
Solution:-